01Fitch in Indonesia

PT. Fitch Ratings Indonesia (Fitch) is a wholly-owned subsidiary of Fitch Ratings Ltd. Fitch is the only international rating agency with a local presence in Indonesia. Fitch is also able to produce both international and national rating through one process.  PT Fitch Ratings Indonesia was established in 2005, we obtained Bapepam license and Bank Indonesia’s recognition in 2006. At present, we cover 95 companies in Indonesia comprising 79 national ratings, 39 international ratings and 23 dual ratings (both national and international ratings).

Fitch strives to bring international standards of transparency in rating criteria and rating process to the local market. It includes detailed company reports with regular updates and criteria/methodology reports, sector reviews, and comments. We have the high quality analysts and analysis of international standards, a different perspective to credits (Fitch is an international firm built on local knowledge and understanding), and dedicated investor services facility.

03Regional Insights on Corporates


Fitch on Indonesia

Our newsletter summarizes key research and commentary, covering a range of sectors and topics coming out of Indonesia.



China’s Recovery Reduces Risks to APAC Sector Mid-Year Outlooks

China’s Recovery Reduces Risks to APAC Sector Mid-Year Outlooks

Lower Inflation, Steady Home Loans to Improve Pre-Sales at Indonesian Homebuilders

Economic Backdrop Remains Supportive for APAC Banks

APAC Cross-Border Bond Market Size to Contract Further in 2023

Higher Rates May Erode Coverage for APAC's Lower-Rated Corporates

APAC Banks Resilient to Risks Highlighted by US Bank Failures

Indonesia’s Annual EV Sales to More than Double to 5% in 2023

ASEAN Bank Asset Quality Risks Mitigated by Economic Growth

Credit Outlook 2023 - Prices to Aid APAC Oil & Gas’s Stable Credit Metrics; Downstream Recovery

Credit Outlook 2023 - Continued Domestic Growth, Adequate Liquidity Support APAC Emerging-Market Fincos

Credit Outlook 2023 - Deteriorating Outlooks on Half of APAC Corporate Sectors Amid Weaker Macro Backdrop

Credit Outlook 2023 - APAC Transportation Infrastructure Remains Resilient Despite Rising Risks

Credit Outlook 2023 - APAC Tech Deteriorating Amidst Global Economy Risks in 2023

Credit Outlook 2023 - Resilient Demand Balancing Macro Risk for Global Transports in 2023

Credit Outlook 2023 - Asia-Pacific Power Demand Growth to Stabilise, Energy Transition to Continue

Credit Outlook 2023 - APAC Sovereigns to Face Risks from Slowing Global Growth in 2023

Credit Outlook 2023 - APAC Banks Broadly Steady Despite Economic Headwinds in 2023

Credit Outlook 2023 - APAC Telcos’ 2023 Leverage to Remain Stable, Despite High 5G Capex

Credit Outlook 2023 - Growth and Funding Costs Weigh on 2023 Sovereign Outlook

EMs Closer than DMs to Restoring Pre-Pandemic Fiscal Positions

Indonesia’s JETP May Accelerate Energy Transition

APAC Corporates Step up Bond Buybacks Amid Rising Rates

APAC Sovereigns Face External Headwinds

OPEC+ Actual Oil Output Fall to be Lower than Production Quota Cuts

Indonesian Homebuilders’ Leverage to Rise on Slowing Presales and Weaker Currency

Higher Interest Rates Challenge APAC Digital Banks

Sustained Fall in APAC Sovereign Reserves Could Erode External Buffers for Some

Impact of Rising Interest Rates on APAC Banks

Global Food Price Inflation Likely to Fall Sharply in 2023

EM Banks’ Profitability Mitigates Economic Slowdown Risks

APAC Sovereigns Vulnerable if China Sees Further Covid-19 Outbreaks

2022 Mid-Year Outlook - Sovereign Sector Outlook Revised to Neutral from Improving on Ukraine War Impact

2022 Mid-Year Outlook - Inflation, Rate Rises, Stagflation Undermine Sector Outlooks

2022 Mid-Year Outlook - Global Corporates are Adequately Equipped to Weather Risks in 2022

APAC ‘BBB-’ and ‘BBB’ Corporates: Stagflation Downgrade Risk

Indonesian Homebuilders’ Cash Flows to Moderate on Rising Costs, Slower Pre-Sales

APAC Banks’ Deeper Stablecoin Engagement Carries Risks

Growing Crypto Engagement Carries Risks for SE Asian Banks

2022 Credit Outlook - Base Metals Demand Growth Supports Global Mining Sector Outlook

2022 Credit Outlook - Financial Discipline Supports Global Oil Gas Sector Outlook

2022 Credit Outlook - APAC Corps Neutral Outlook Overall, China Property Worsening

2022 Credit Outlook - Asia-Pacific Sovereigns - Gradual Turn to Policy Normalisation

2022 Credit Outlook - APAC Banks' Earnings Improvements Continue at a Varying Pace

2022 Credit Outlook - Asia-Pacific Transportation Infrastructure

2022 Credit Outlook - APAC Power Demand and Energy Transition to Accelerate

2022 Credit Outlook - Low Headroom for APAC Telco’s Ratings, Improvements Modest

Emerging Markets Central Banks Respond to Inflation Shock

South-East Asia Fintechs’ Path to Profitability Key as Adoption Gains Pace

Fitch Ratings is the Market Leader in Islamic Finance

Spectrum Outcomes to Shape 5G Priorities, Credit Trends

Exclusive Q&A with Indonesian Finance Minister

Awareness and Confidence Key Challenges for Islamic Finance Growth

Fitch Ratings 2021 Outlook - APAC Sovereigns

Fitch Ratings 2021 Outlook - APAC Banks

APAC Corps to Recover in 2021, but Cash Flow Weaker than 2019

APAC Corporate Earnings Improving; Still Face Pandemic Strain

Indonesia’s Reform Package Boosts Growth Prospects

Fitch Ratings Introduces Peer Group of 50 Asian High-Yield Corporates

Telcos Worldwide to Ramp Up 5G Capex, Raising Pressure on Credit Profiles

Pandemic Shock Dampens Digital Banks’ Prospects in Asia

Exclusive interview with Sri Mulyani Indrawati, Indonesia Minister of Finance

COVID-19 Investor Poll: A Gradual U-shaped Recovery

2019 Global Banking Conference HK – Shadow Banking Risks in APAC

Fitch on Indonesia 2019: (1 of 7) Election – A Promise of Reform for Indonesia to Grow Further

Fitch on Indonesia 2019: (2 of 7) Indonesia Economy – In Time of Volatile Global Economy

Fitch on Indonesia 2019: (6 of 7) 2019 Indonesia Budget Theme – HR Development, Competitiveness, Exports & Investment

Fitch on Indonesia 2019: (3 of 7) 2018 Indonesia Resilient Economy – Growth & Stability

Fitch on Indonesia 2019: (7 of 7) Further Reform in 2019 – Optimise Economic Growth Momentum

Fitch on Indonesia 2019: (5 of 7) Tax Reform – Balance Between Collecting Tax Revenue and Improving Investment Climate

Fitch on Indonesia 2019: (4 of 7) Fiscal Policy – Support Robust Economic Growth

Fitch on Indonesia 2019



PT Fitch Ratings Indonesia

DBS Bank Tower, 24th Floor, Suite 2403 Jl. Prof. Dr. Satrio Kav 3-5 Jakarta 12940, Indonesia, T: +62 21 29886800, T: +62 21 40000180, F: +62 21 29886822.

08Sector Analysts

Olly Prayudi
Corporate Ratings - APAC
+6221 4000 0840 |

Roy Purnomo
Associate Director
+62 21 4000 0887 |

Jessica Pratiwi
Insurance Ratings - APAC
Associate Director
+62 21 4000 0819 |

Lucky Ariesandi
Banks - APAC
+6221 4000 0840 |

Ghaida Gunarti
International Public Finance
Associate Director
+6221 4000 0748 |

Guninta S Sudiar
Global Infrastructure Ratings
Associate Director
+6221 4000 0759 |

09Board of Directors PT Fitch Ratings Indonesia

Eva Muis
President Director
+6221 4000 0546 |

Iwan Wisaksana
Ratings Director
+62 21 4000 0809 |

Sijanto Subagyo
Compliance Director
+62 21 4000 2059 |